Word: dollarization
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Dates: during 1980-1989
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...delivering on his campaign promises and turning around the Canadian economy, currently saddled with a $26.5 billion budget deficit. This year's gross national product is expected to increase by 3%, a decrease from last year's growth of 4.7%. Mulroney must also protect the value of the Canadian dollar, which has held its own against other currencies but which fell against the U.S. dollar to 73 cents last week from 77 cents last September. Most important, he must create new jobs to ease a national unemployment rate of more than...
...mistake," he says. The second half of his Chrysler reign, on the other hand, has been rollicking. The minivan is a hit. Bigger cars, with higher profit margins, are selling well. "Americans are falling in love with big cars again," Iacocca explains, "and with gas at a dollar a gallon, what the hell, why not?" Chrysler profits last year, $2.4 billion, were higher than those of the previous 60 years put together. (Ford's were $2.9 billion last year, GM's $4.5 billion.) Of the laid-off workers, 41,000 have been rehired. Iacocca last month had the company give...
...limit imports. The U.S. trade gap, $123 billion in 1984 and growing, is to Iacocca the most urgent danger facing the country. "I don't care what the cause of it is, I know the end result. I don't give a shit whether it's the strong dollar or what it is. At $123 billion we become a debtor nation of the worst order." More and more U.S. manufacturers, he fears, will build their factories abroad unless, for example, they are forced by domestic-content legislation to keep production Stateside. "And once they're invested," he says...
...into defense because I'm in over my head. I've never studied that." Come on. "I'm just talking about waste. So how about me giving you the strong defense you want? And leave it up to me what's 'strong,' at 20 cents less on the dollar by getting efficient. People would shout, 'Oh, shit, be my guest!' I would take the slop out of the military-industrial complex. And I happen to know it exists. I mean, it's cost-plus, and there's no competition. What the hell, there has to be slop...
...monopoly into a privately owned company. This will create a vast opening for makers of such sophisticated telecommunications gear as satellites and digital switches, together with services like electronic cash transfers. American companies hanker for the business and feel they can keep their prices competitive even with the strong dollar driving up the cost of their goods abroad...